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Berry Petroleum Company, Company Intelligence Report - Product Image

Berry Petroleum Company, Company Intelligence Report

  • Published: November 2012
  • 112 pages
  • GlobalData

Berry Petroleum Company, Company Intelligence Report

Summary

Berry Petroleum Company (Berry) is mainly engaged in the exploration, development and production of crude oil and natural gas resources in the US. The company’s Exploration and Production (E&P) operations are mainly focused in the south Midway Sunset and north Midway Sunset fields in California, the Permian basin in Texas and the Uinta basin in Utah, where its oil rich potential is located. Apart from these oil rich assets, the company also holds natural gas assets in the Piceance basin and in east Texas.

Berry’s south Midway Sunset field includes several steam flood assets such as the Poso Creek, Ethel D and others, while its north Midway assets include the Diatomite, Placerita, McKittrick and other new steam flood projects. The company’s Permian basin assets are located in the Wolfberry play, where the company entered in 2010. Berry’s properties in the Uinta basin include the Green River formation in the Ashley Forest area, the northeast Utah based Brundage Canyon leasehold and the Lake Canyon project. Berry’s natural gas assets in east Texas are located in the Limestone READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 Berry Petroleum Company, Company Overview
3 Berry Petroleum Company, Investment Summary
3.1 New Regulations on Diatomite Development to Revive Berry’s Long-Term Growth Plan
3.2 Focus on the Wolfberry Play to Drive Future Growth
4 Berry Petroleum Company, SWOT Analysis
4.1 Strengths
4.1.1 Oil Driven Upstream Portfolio
4.1.2 Strategic Acquisitions
4.1.3 Relatively Higher Reserve Life Index
4.2 Weaknesses
4.2.1 High Debt to Equity Ratio
4.3 Opportunities
4.3.1 Substantial Resource Base to Increase Oil and Gas Production
4.4 Threats
4.4.1 Complexities Associated with Diatomite Development May Hamper Future Growth
5 Berry Petroleum Company, Goals and Strategies
5.1 Increasing the Share of Oil in Total Production
6 Berry Petroleum Company, Production Overview
6.1 Production Profile
6.2 Assets Portfolio
6.2.1 South Midway-Sunset Field
6.2.2 North Midway Sunset Field
6.2.3 Uinta Basin
6.2.4 Permian Basin
6.2.5 Piceance Basin
6.2.6 East Texas
7 Berry Petroleum Company, Exploration and Development Overview
8 Capital Expenditure
8.1 Costs Incurred
9 Acreage
10 Berry Petroleum Company, Mergers and Acquisitions Highlights
11 Berry Petroleum Company, Peer Comparision
11.1 Share Price Performance
11.2 Operational and Financial Performance
11.3 Key Financial and Operational Ratio
12 Berry Petroleum Company, Forecast Production and Financial Statements
12.1 Income Statement (2009–2016)
12.2 Balance Sheet (2009–2016)
12.3 Cash Flow Statement (2009–2016)
12.4 Financial Ratios
13 Berry Petroleum Company, Valuation
13.1 Net Asset Value
14 Berry Petroleum Company, Detailed Operational and Financial Metrics
14.1 Berry Petroleum Company, Total Oil and Gas, Reserves and Production
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011
14.2 Berry Petroleum Company, Crude Oil/Liquids Production and Reserve
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011
14.3 Berry Petroleum Company, Natural Gas Production and Reserve
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011
14.3.3 Natural Gas Reserve Changes, 2007-2011
14.4 Berry Petroleum Company, Total Crude Oil and Natural Gas Reserves Life Index
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011
14.5 Berry Petroleum Company, E&P Costs Trends
14.5.1 Upstream Capital Expenditure, 2007-2011
14.5.2 Acquisition Costs By Country/Region, 2007-2011
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011
14.6 Berry Petroleum Company, Oil and Gas Cost Per boe, $/boe
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011
14.7 Berry Petroleum Company, Reserve Replacement Ratio
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011
14.8 Berry Petroleum Company, Results of Oil & Gas Operations Trend
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011
14.9 Berry Petroleum Company, Oil and Gas Revenue and Expenses, Per boe
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011
14.10 Berry Petroleum Company, Oil and Gas Performance Metrics
14.11 Berry Petroleum Company, Land Holdings and Well Data
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011
14.12 Berry Petroleum Company, Well Statistics
14.12.1 Producible Oil and Gas Well, 2007-2011
14.12.2 Producible Oil and Gas Well, By Country/Region, 2007-2011
14.12.3 Exploration and Development Wells Drilled, 2007-2011
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011
15 Appendix
15.1 Abbreviations
15.2 Sources
15.3 Methodology
15.3.1 Coverage
15.3.2 Secondary Research
15.3.3 Primary Research
15.4 Contact Us
15.5 Disclaimer

1.1 List of Tables
Table 1: Berry Petroleum Company, Corporation, Key Events, 2010–2012
Table 2: Wolfberry Play, Key Current Statistics, Berry Petroleum Company and Other Industry Players, 2012
Table 3: Berry Petroleum Company, Production Forecast, 2012–2016
Table 4: Berry Petroleum Company, E&P Capital Expenditure by Asset ($m), 2009–2011
Table 5: Berry Petroleum Company, Costs Incurred ($m), 2009–2011
Table 6: Berry Petroleum Company, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred ($m), 2009–2011
Table 7: Berry Petroleum Company versus Peers, Total Net Acreage (Acres), 2011
Table 8: Berry Petroleum Company, Key Asset Transactions As Buyer, 2005–2011
Table 9: Berry Petroleum Company, Key Asset Transactions As Seller, 2007–2009
Table 10: Berry Petroleum Company and its Peers, Operational and Financial Performance, 2011
Table 11: Berry Petroleum Company and Peers, Financial Ratios, 2011
Table 12: Berry Petroleum Company, Recorded and Estimated Production, 2009–2016
Table 13: GlobalData, Price Forecasts, 2012–2016
Table 14: Berry Petroleum Company, Income Statement ($m), 2009–2016
Table 15 Berry Petroleum Company, Balance Sheet ($m), 2009–2016
Table 16: Berry Petroleum Company, Cash Flow Statement ($m), 2009–2016
Table 17: Berry Petroleum Company, Profitability Ratios, 2009–2016
Table 18: Berry Petroleum Company, Other Financial Ratios, 2009–2016
Table 19: Berry Petroleum Company, Net Asset Value, 2012
Table 20: Berry Petroleum Company, NPV of Crude Oil and Natural Gas Reserves, $m, 2012
Table 21: Berry Petroleum Company, Sensitivity Analysis on Fair Value ($/share), 2012
Table 22: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Table 23: Berry Petroleum Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011
Table 24: Berry Petroleum Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011
Table 25: Berry Petroleum Company, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Table 26: Berry Petroleum Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011
Table 27: Berry Petroleum Company, Crude Oil Reserve Changes, MMbbl, 2007-2011
Table 28: Berry Petroleum Company, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Table 29: Berry Petroleum Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011
Table 30: Berry Petroleum Company, Natural Gas Reserve Changes, Bcf, 2007-2011
Table 31: Berry Petroleum Company, Oil and Gas Reserves Life Index, Years, 2007-2011
Table 32: Berry Petroleum Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011
Table 33: Berry Petroleum Company, Upstream Capital Expenditure, $m, 2007-2011
Table 34: Berry Petroleum Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Table 35: Berry Petroleum Company, Exploration and Development Costs, By Country/Region, $m, 2007-2011
Table 36: Berry Petroleum Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Table 37: Berry Petroleum Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2007-2011
Table 38: Berry Petroleum Company, Oil and Gas Production Replacement Ratio, %, 2007-2011
Table 39: Berry Petroleum Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011
Table 40: Berry Petroleum Company, Revenue and Expenses, $m, 2007-2011
Table 41: Berry Petroleum Company, Revenue and Expenses, By Country/Region, $m, 2007-2011
Table 42: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Table 43: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011
Table 44: Berry Petroleum Company, Oil and Gas Performance Metrics, 2007-2011
Table 45: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Table 46: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011
Table 47: Berry Petroleum Company, Producible Oil and Gas Wells, 2007-2011
Table 48: Berry Petroleum Company, Producible Oil and Gas Wells, By Country/Region, 2007-2011
Table 49: Berry Petroleum Company, Exploratory and Developed Wells, 2007-2011
Table 50: Berry Petroleum Company, Exploratory and Developed Wells, By Country/Region, 2007-2011

1.2 List of Figures
Figure 1: Berry Petroleum Company, Operations Map, 2012
Figure 2: Berry Petroleum Company, Operational and Financial Overview, 2008–2011
Figure 3: Berry Petroleum Company, Share Price Movement, September 2011–September 2012
Figure 4: Berry Petroleum Company, Diatomite, Operational Map, 2012
Figure 5: Berry Petroleum Company, Diatomite Production and Share in Total Production, 20011–2016
Figure 6: Berry Petroleum Company, Wolfberry Play, Production and Share in Total Production, 2011–2016
Figure 7: Berry Petroleum Company, Share of Crude Oil in Revenue, Reserve and Production, 2009–2011
Figure 8: Berry Petroleum Company, Oil and Gas Purchases Compared to Peers (MMboe), 2008–2011
Figure 9: Berry Petroleum Company, Oil and Gas Purchases, Total Proven Reserve and Share In Total Proven Reserves, 2008–2011
Figure 10: Berry Petroleum Company and Peer Group, Reserve Life Index (Years), 2007–2011
Figure 11: Berry Petroleum Company, Debt to Equity Ratio, 2007–2011
Figure 12: Berry Petroleum Company, California, Heavy Oil Projects, 2012
Figure 13: Berry Petroleum Company, Crude Oil Production and Share in Total Production, 2010–2016
Figure 14: Berry Petroleum Company, Historic and Estimated Production, 2009–2016
Figure 15: Berry Petroleum Company, Production by Type (%), 2009–2016
Figure 16: Berry Petroleum Company, Net Productive and Dry Exploratory and Development Wells, 2008–2011
Figure 17: Berry Petroleum Company, Net Productive and Dry Exploratory Wells, 2008–2011
Figure 18: Berry Petroleum Company, Permian Basin, Operational Map, 2011
Figure 19: Berry Petroleum Company, North Midway and South Midway, Operational Map, 2012
Figure 20: Berry Petroleum Company, E&P Capital Expenditure by Asset ($m), 2009–2011
Figure 21: Berry Petroleum Company, Costs Incurred ($m), 2009–2011
Figure 22: Berry Petroleum Company, Reserve Replacement Ratio and Finding and Development Costs Incurred, 2009–2011
Figure 23: Berry Petroleum Company versus Peers, Total Net Acreage (Acres), 2011
Figure 24: Berry Petroleum Company, Net Developed and Undeveloped Acres (Acres), 2009–2011
Figure 25: Berry Petroleum Company and Peers, Relative Share Price Performance (%), September 2011–August 2012
Figure 26: Berry Petroleum Company and its Peers, Per Boe Parameters, 2011
Figure 27: Berry Petroleum Company and its Peers, Total Reserves and Production (MMboe), 2011
Figure 28: Berry Petroleum Company and Peers, Valuation Ratios, 2011
Figure 29: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011
Figure 30: Berry Petroleum Company, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011
Figure 31: Berry Petroleum Company, Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011
Figure 32: Berry Petroleum Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011
Figure 33: Berry Petroleum Company, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011
Figure 34: Berry Petroleum Company, Oil Reserves, End of Period, By Country/Region, MMbbl, 2007-2011
Figure 35: Berry Petroleum Company, Oil Production, By Country/Region, MMbbl, 2007-2011
Figure 36: Berry Petroleum Company, Oil Production, By Country/Region, MMbbl, 2007-2011
Figure 37: Berry Petroleum Company, Crude Oil Reserve Changes, MMbbl, 2011
Figure 38: Berry Petroleum Company, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011
Figure 39: Berry Petroleum Company, Gas Reserves, End of Period, By Country/Region, Bcf, 2007-2011
Figure 40: Berry Petroleum Company, Gas Production, By Country/Region, Bcf, 2007-2011
Figure 41: Berry Petroleum Company, Natural Gas Reserve Changes, Bcf, 2011
Figure 42: Berry Petroleum Company, Oil and Gas Reserves Life Index, Years, 2007-2011
Figure 43: Berry Petroleum Company, Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 44: Berry Petroleum Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 45: Berry Petroleum Company, Oil Reserve Life Index, By Country/Region, Ratio, 2007-2011
Figure 46: Berry Petroleum Company, Upstream Capital Expenditure, $m, 2007-2011
Figure 47: Berry Petroleum Company, Proved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 48: Berry Petroleum Company, Unproved Acquisition Costs, By Country/Region, $m, 2007-2011
Figure 49: Berry Petroleum Company, Development Costs, By Country/Region, $m, 2007-2011
Figure 50: Berry Petroleum Company, Exploration Costs, By Country/Region, $m, 2007-2011
Figure 51: Berry Petroleum Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2007-2011
Figure 52: Berry Petroleum Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 53: Berry Petroleum Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2007-2011
Figure 54: Berry Petroleum Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011
Figure 55: Berry Petroleum Company, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2007-2011
Figure 56: Berry Petroleum Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011
Figure 57: Berry Petroleum Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 58: Berry Petroleum Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 59: Berry Petroleum Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 60: Berry Petroleum Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 61: Berry Petroleum Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011
Figure 62: Berry Petroleum Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011
Figure 63: Berry Petroleum Company, Revenue and Expenses, $m, 2007-2011
Figure 64: Berry Petroleum Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 65: Berry Petroleum Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 66: Berry Petroleum Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 67: Berry Petroleum Company, Oil & Gas Revenue, By Country/Region, $m, 2007-2011
Figure 68: Berry Petroleum Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 69: Berry Petroleum Company, Production Costs, By Country/Region, $m, 2007-2011
Figure 70: Berry Petroleum Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011
Figure 71: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, 2007-2011
Figure 72: Berry Petroleum Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011
Figure 73: Berry Petroleum Company, Lifting Cost per boe, By Country/Region, $/boe, 2007-2011
Figure 74: Berry Petroleum Company, Annual Net Income per boe, By Country/Region, $/boe, 2007-2011
Figure 75: Berry Petroleum Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 76: Berry Petroleum Company, Total DD&A per boe, By Country/Region, $/boe, 2007-2011
Figure 77: Berry Petroleum Company, Total Revenue per boe, By Country/Region, $/boe, 2007-2011
Figure 78: Berry Petroleum Company, Oil and Gas Performance Metrics, 2007-2011
Figure 79: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011
Figure 80: Berry Petroleum Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 81: Berry Petroleum Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011
Figure 82: Berry Petroleum Company, Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 83: Berry Petroleum Company, Total Net Developed Acreage, By Country/Region, Acres, 2007-2011
Figure 84: Berry Petroleum Company, Producible Oil and Gas Wells, 2007-2011
Figure 85: Berry Petroleum Company, Gross Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 86: Berry Petroleum Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 87: Berry Petroleum Company, Gross Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 88: Berry Petroleum Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011
Figure 89: Berry Petroleum Company, Net Productive Gas Wells, By Country/Region, Number, 2007-2011
Figure 90: Berry Petroleum Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011
Figure 91: Berry Petroleum Company, Net Productive Oil Wells, By Country/Region, Number, 2007-2011
Figure 92: Berry Petroleum Company, Exploratory and Developed Wells, 2007-2011

New Regulations on Diatomite Development to Revive Berry’s Long-Term Growth Plan

Berry’s Diatomite asset in California’s north Midway-Sunset field is a major driver for the company’s future growth. This asset provides it with a notable opportunity to increase its heavy oil resources and benefit from higher profitability associated with crude oil prices, compared to natural gas. The company holds oil resource potential equivalent to 360 MMbbl in its Diatomite asset. It expects a recovery factor of 23–40% from this asset. Berry began the pilot project of 13 wells in Diatomite in 2004. Based on the results of this pilot program, the company announced plans to develop the field commercially in November 2006. In Q3 2008, Berry reported increased estimates of the reserve potential associated with its Diatomite asset. Since then, the company has been focusing on heavy oil development in this asset and has drilled more than 300 wells so far.

However, the development of the Diatomite asset has always progressed under a strict regulatory environment, due to the complications associated with the reservoir. California’s Division of Oil, Gas & Geothermal Resources (DOGGR) objected to the development of the Diatomite asset, on the grounds of the safety of operations. Recovery of oil from the Diatomite asset requires the use of the cyclic steam injections techniques, which can sometimes affect operational safety. Moreover, steam injection and withdrawal may also affect the functioning of well bore and lead to steam discharge from the reservoir, thereby contaminating the groundwater resources. Based on available information about operations throughout the basin, Berry reported that up to 10% of total well bores can be damaged by the steam injection technique.

DOGGR’s regulations did not cover steam leakage until 2010, and plans have been announced to work towards regulating such operations. Consequently, Berry faced delays in new site permits, and drilling was limited in 2010. However, the company received interim approval for partial development of this field in September 2010 and drilling in the Diatomite asset restarted in Q4 2010. In July 2011, Berry received revised approval from DOGGR, which granted complete permission for the development of assets, although stringent requirements apply to operations. DOGGR requires all operators to prove the mechanical integrity of the well bore, so that there will be no steam leakage from the system. Berry was advised to conduct a number of tests and submit the data to DOGGR in order to receive a permit to restart steam injection procedure. Receipt of the permit is subject to regulatory procedures.

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